Navios Containers Updates on Fleet
Monaco-based container shipping company Navios Maritime Containers has exercised an option to acquire a 2011-built 10,000 TEU containership from an unrelated third party for a purchase price of $52.5 million.
The containership is chartered out at a net rate of $26,325 per day until November 2020 and $27,300 per day until October 2021, and is expected to be delivered in the first quarter of 2019.
Navios Containers also entered into an agreement where it has the option to acquire one 2011-built 10,000 TEU containership from an unrelated third party for a purchase price of $52.5 million.
It has until March 2019 to exercise the option and would expect to take delivery of the containership in the second quarter of 2019.
In December 2018, Navios Containers took delivery of two 2010-built 4,360 TEU containerships, the Bahamas and the Bermuda. The containerships were acquired for a total purchase price of $23.6 million. The vessels were financed with the proceeds of a commercial bank loan described below and cash on balance sheet.
Following the above transactions Navios Containers has grown from 21 to 30 vessels since the end of 2017, including one containership to be delivered in Q1 of 2019 and the exercise of the option to acquire one additional 10,000 TEU containership. This represents a fleet capacity growth, on a TEU basis, of 72% during the period.
Navios Containers completed the sale and leaseback of four additional vessels with Minsheng Financial Leasing for approximately $26.7 million, as part of its previously announced sale and leaseback transaction in last November.
In aggregate the Company has completed a $90.2 million sale and leaseback of 14 vessels. The sale and leaseback has an implied interest rate of 6.0%, a term of five years and an age adjusted amortization profile of 21 years. Navios Containers has the obligation to purchase the vessels at the end of the fifth year for a total amount of $45.1 million.
Currently, Navios Containers owns a fleet of 30 vessels, including one containership of which we expect to take delivery in the first quarter of 2019 and assuming the exercise of the Company’s option to acquire one 10,000 TEU containership, totaling 152,821 TEU.